Date: Mon, Sept 16, 2024, 06:36 AM GMT
The cryptocurrency market is facing some bearishness as investors anticipate the outcome of the upcoming Federal Open Market Committee (FOMC) meeting. This has caused a wave of selling pressure, with the broader market seeing red candles at the start of the week. Bitcoin (BTC) dropped below the $60,000 mark, currently trading at $58,721, reflecting a 2.38% daily decline.
However, Helium (HNT) the IoT-Token, has defied the market’s bearish trends with an impressive surge of +2.63% over the past 24 hours. As of now, HNT is trading at $7.40, with a market capitalization of $1.18 billion, showing strong resilience amid broader market losses.
Crypto trader @best_analysts took to the X platform (formerly Twitter) to share insights on HNT’s recent performance. According to the analysis, Helium rallied from $3.46 to a high of $8.67 and is now targeting $11 as its next resistance level.
The trader highlighted that HNT has strong support at the 21-day Exponential Moving Average (EMA), but there’s a risk of a correction to $5 if that support fails.
While HNT is showing strong momentum, the next few days will be crucial to see if it can maintain its upward trajectory or face a potential correction. Investors should watch the support levels closely as the market adjusts to macroeconomic pressures.
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